Concert Wealth Management Inc. boosted its position in shares of Michaels Cos. (NASDAQ:MIK) by 5.6% during the second quarter, Holdings Channel reports. The fund owned 9,158 shares of the company’s stock after buying an additional 487 shares during the period. Concert Wealth Management Inc.’s holdings in Michaels Cos. were worth $262,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. UBS Asset Management Americas Inc. increased its position in shares of Michaels Cos. by 9.5% in the first quarter. UBS Asset Management Americas Inc. now owns 58,022 shares of the company’s stock worth $1,623,000 after buying an additional 5,037 shares during the period. Cupps Capital Management LLC bought a new position in shares of Michaels Cos. during the first quarter worth about $993,000. OMERS ADMINISTRATION Corp bought a new position in shares of Michaels Cos. during the first quarter worth about $903,000. 1832 Asset Management L.P. bought a new position in shares of Michaels Cos. during the first quarter worth about $9,963,000. Finally, Alpine Partners VI LLC bought a new position in shares of Michaels Cos. during the first quarter worth about $454,000.
Shares of Michaels Cos. (NASDAQ:MIK) traded up 0.25% on Friday, hitting $23.74. The company had a trading volume of 564,700 shares. The firm’s 50 day moving average price is $24.31 and its 200-day moving average price is $26.73. Michaels Cos. has a 52 week low of $19.46 and a 52 week high of $31.36. The stock has a market capitalization of $4.89 billion, a PE ratio of 13.60 and a beta of 1.09.
Michaels Cos. (NASDAQ:MIK) last issued its earnings results on Thursday, August 25th. The company reported $0.17 earnings per share for the quarter, meeting the consensus estimate of $0.17. The company earned $1.06 billion during the quarter, compared to analysts’ expectations of $1.05 billion. Michaels Cos. had a negative return on equity of 21.18% and a net margin of 7.24%. Michaels Cos.’s quarterly revenue was up 7.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.17 EPS. Analysts forecast that Michaels Cos. will post $1.95 earnings per share for the current fiscal year.
A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. downgraded Michaels Cos. from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $33.00 to $30.00 in a research report on Tuesday, July 19th. Zacks Investment Research downgraded Michaels Cos. from a “buy” rating to a “hold” rating in a research report on Thursday, July 14th. Piper Jaffray Cos. lowered their target price on Michaels Cos. from $34.00 to $33.00 and set an “overweight” rating for the company in a report on Thursday, July 14th. SunTrust Banks Inc. reiterated a “buy” rating on shares of Michaels Cos. in a report on Thursday, August 25th. Finally, Credit Suisse Group AG upgraded Michaels Cos. from a “neutral” rating to an “outperform” rating and set a $29.00 target price for the company in a report on Tuesday, September 6th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $29.15.
In other Michaels Cos. news, EVP Philo Pappas sold 2,205 shares of the company’s stock in a transaction that occurred on Monday, July 18th. The stock was sold at an average price of $27.32, for a total transaction of $60,240.60. Following the completion of the transaction, the executive vice president now owns 90,723 shares of the company’s stock, valued at approximately $2,478,552.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joshua Bekenstein sold 5,179,885 shares of the company’s stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $27.71, for a total value of $143,534,613.35. The disclosure for this sale can be found here. Corporate insiders own 1.50% of the company’s stock.
About Michaels Cos.
The Michaels Companies, Inc is North America’s specialty provider of arts, crafts, framing, floral, wall decor, and seasonal merchandise for the hobbyist and do-it-yourself home decorator. As of February 27, 2016, the Company owned and operated more than 1,340 stores in 49 states and Canada under the brands Michaels, Aaron Brothers and Pat Catan’s.
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